Rise in pre-tax profits at ICG

Ferry operator Irish Continental Group (ICG) has reported pre-tax profits of €40.1 million for the 12 months to the end of December, up from €24.9 million a year earlier.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda), increased by 5.7 per cent to €53.6 million while earnings per share were up 53.1 per cent 156.8 cents.

After two years of decline in turnover, revenues rose by 0.7 per cent to €262.2 million from €260.5 million.

Operating profits was up 54 per cent to €40.9 million from €26.5 million.Operating profit (before a non trading credit of €9.4 million) was up 18.9 per cent to €31.5 million. Group wide fuel costs were up 31.4 per cent at €41.4 million.

Passenger revenue grew 12.3 per cent due a 7.8 per cent rise while freight revenue fell by 5.2 per cent.

ICG said turnover at its ferries division was 3.2 per cent higher at €153.7 million while earnings before interest and tax was €24.5 million compared with €18.1 million in 2009.

Irish Ferries' passenger numbers carried were up 7.8 per cent at 1.538 million while car numbers were down 2.4 per cent at 367,000. It is estimated that the roll-on roll-off (Ro-Ro) freight market grew by about 3 per cent in 2010 following a fall of 14 per cent in the previous year, and a decline of 4 per cent in 2008.

Turnover at ICG's container and terminal division fell by 2.7 per cent to €109.8 million.

During the year under review ICG completed the sale of the vessel Bilbao at a profit of €9.4 million, including a €0.8 million currency translation gain.

The board is proposing a final dividend of 100 cent per ICG unit which compares with 100 cent per ICG unit in 2009. No interim dividend was paid.

ICG said the economic environment in 2011 "remains challenging" However, it added that in the year to date,Irish Ferries passenger numbers are up 4 per cent on last year while car carryings are down 1 per cent.

In the year to date Ro-Ro freight volumes carried by Irish Ferries on the Irish Sea are up 11 per cent compared with the same period in 2010. In the container division containers carried in the year to date are up 1 per cent with the same period in 2010 while containers lifted at terminals are up 12 per cent.

"For 2011 we are facing into an uncertain year with the combined effects of higher fuel costs and austerity programmes in Ireland and the UK providing a challenge. Nevertheless we have made a solid start to the year and with a strong balance sheet to support us we look forward to the rest of the year with confidence," said ICG chairman John B McGuckian.